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Sep 30, 2024
McGrath RentCorp Q3 2024 Earnings Report
McGrath RentCorp's Q3 2024 results were announced, featuring revenue growth and a significant net income contribution from a merger termination payment.
Key Takeaways
McGrath RentCorp reported a 10% increase in total revenues, reaching $266.8 million for Q3 2024. Net income from continuing operations was $149.3 million, or $6.08 per diluted share, which included a $103.5 million net income contribution from a merger termination payment. Excluding this payment, net income was $45.9 million, or $1.87 per diluted share.
Total revenues increased by 10% to $266.8 million, driven by higher rental operations and sales revenues.
Net income included a $103.5 million contribution from a merger termination payment.
Mobile Modular division was a highlight, with a 9% rental revenue growth.
Portable Storage and TRS-RenTelco experienced demand challenges, resulting in rental revenue decreases.
McGrath RentCorp
McGrath RentCorp
McGrath RentCorp Revenue by Segment
Revenue by Segment
Mobile Modular Revenue
CapyFin.comPortable Storage Revenue
CapyFin.comTRS-RenTelco Revenue
CapyFin.comEnviroplex Revenue
CapyFin.com Forward Guidance
For the full year 2024, the company expects total revenue between $910 to $920 million, Adjusted EBITDA between $345 to $351 million, and gross rental equipment capital expenditures between $180 to $190 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income